GBP USD negotiates the correctional level – Analysis - 27/05/2015

The GBPUSD pair approached from hitting the first waited target at 1.5335, which represents 38.2% Fibonacci correction level for the rise that appears in the image, while the negative effect of the double top pattern that appears in the image remains valid and active, which supports the continuation of the bearish bias in the upcoming period, and the price needs to break 1.5335 level to confirm heading towards the extended targets that reach towards 1.5190 then 1.5040.

Therefore, we keep preferring the bearish trend in the upcoming sessions, supported by the EMA50, unless breaching 1.5445 then 1.5520 levels and holding above them.

Expected trading range for today is between 1.5250 support and 1.5500 resistance.

Expected trend for today: Bearish